Cash spending continues to shrink as debit card payments now account for nearly £30 of every £100 spent

Halifax release data regarding their customers’ selection of payment options and relative movement between various choices. Completely unsurprising is the switch from cash to other forms such as debit card.

Nick Young, head of Halifax current accounts, said:

“The trend away from cash is likely to go on as banks innovate and provide customers with more convenient ways to pay for their goods and we continue to see the rise of new, non-traditional entrants into the payments market.”

“Consumers now have much more choice regarding payment methods and have adjusted their spending habits accordingly.”

What is interesting is despite its decrease, cash remains in the top three of preferred options, among a growing list of payment methods and available form factors.

Overview by Sara Grotta, Director, Debit Advisory Service at Mercator Advisory Group